Page:Portland, Oregon, its History and Builders volume 1.djvu/708

 ,661.72

Capital stock $ 1,500,000.00

Surplus and undivided profits 965,531-79

Circulation 487,000.00

Deposits, individual $9,139,527.94

Banks 4,114,601.99 13,254,129.93

THE merchants' NATIONAL BANK.

The Merchants' National Bank was organized as a savings bank under the name of "The Willamette Savings Bank" on July 19, 1886; it was reorganized and incorporated as a national bank with the following first board of directors : J. Frank Watson, J, Lowenberg, H. L. Hoyt, James Steel, J. A. Macrum, W. C. Johnson and J. K. Gill. The charter was renewed in 1906. The bank is the next oldest national bank in Oregon after the First National, noticed above; and the following are the present officers: R. L. Durham, president; M. L. Holbrook, vice-president; George W. Hoyt, cashier, and S. C, Catching, assistant cashier.

Statement of condition of bank at close of business on September i, 1910:

Resources.

Loans and discounts $1^783,903.55

U. S. bonds to secure circulation 250,000.00

U. S. bonds to secure government deposits 150,000.00

Stocks and warrants 97,230.63

Furniture and fixtures 8,000.00

U. S. and other bonds $756,069.36

Cash and due from banks 747,805.04 1,503,874.40

$3,793,008.58 Liabilities.

Capital stock $ 250,000.00

Surplus and undivided profits 1 54,984.44

National bank notes outstanding 250,000.00

Dividends unpaid 365.50

Deposits 3,137,658.64

merchants' savings AND TRUST COMPANY.

$3,793,008.58

This bank was incorporated in April, 1901, but did not enter active business until July, 1906. Capitalization is $150,000, and its first directors were J. Frank Watson, R. L. Durham and R. W. Hoyt. Its officers then were J. Frank Wat- son, president; R. L. Durham, vice-president; George W. Hoyt, secretary, and S. C. Catching, assistant secretary.

In the present organization the capital remains the same, the directors are J. Frank Watson, R. L, Durham, R. W. Hoyt, W. H. Fear, Geo. W. Hoyt ; and the present officers are as follows: J. Frank Watson, president; R, L. Durham, vice-president; W. H. Fear, secretary; S. C. Catching, assistant secretary.

Savings Department.

Deposits received from $1 up, on which interest is paid. Interest-bearing cer- tificates, six and twelve months, fixed time, and ninety days' demand, issued as required.

Trust Department.

This company acts as trustee in bond issues, trustee of estates, individuals, syndicates and corporations. Also as registrar and transfer agent